The current book value of an asset serves as the basis for determining the gain or loss ________
A) at retention
B) at book value
C) at market value
D) at disposal
Answer: D
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On February 15, Jewel Company buys 7,000 shares of Marcelo Corp. common stock at $28.53 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.15 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.30 per share less a brokerage fee of $250. The journal entry to record the dividend on April 15 is:
A. Debit Cash $7,350; credit Interest Revenue $7,350. B. Debit Cash $8,050; credit Gain on Sale of Investments $8,050. C. Debit Cash $8,050; credit Interest Revenue $8,050. D. Debit Cash $7,350; credit Dividend Revenue $7,350. E. Debit Cash $8,050; credit Dividend Revenue $8,050.
What was the impact of the Community Reinvestment Act on Fannie Mae?
a. It had to stop purchasing mortgage loans. b. It could only purchase loans that were not high credit risks. c. It enabled Fannie Mae to expand its portfolio substantially. d. None of the above
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